updated: June 9th. 2022
The list of Caribbean States that have passed legislation that are focused on virtual currencies, virtual assets and non-traditional digital transactions is growing.
The island nation of Dominica (population 75K); became the most recent OECS Member to pass legislation that are focused on virtual assets..
The following island states are Members of the OECS, (Organization of Eastern Caribbean States)
Antigua and Barbuda
Commonwealth of Dominica
Grenada
Dominica
Montserrat
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines.
Additionally, the British Virgin Islands, Anguilla, Martinique and Guadeloupe are associate members of the OECS.
These laws are becoming increasingly important, because laws that were once applicable to a physical-tangible item are not focused on virtual-assets, and therefore new legislations are being crafted to try and embrace the very concept of virtual-value.
Digital value is typically based on actual value: such as your digital wallet or debit card is the same value as if you withdrew physical cash. But ‘Virtual-Assets’ are different, and their value may fluctuate, based on a ledger elsewhere, not under the jurisdiction where the transaction occurs, which is in cyber-space.
“The purpose of this Virtual Asset Business Bill is to provide for the [registration/license] and supervision of
virtual asset business in the Eastern Caribbean Currency Union (ECCU). The Bill proposes to introduce a
[registration/license] regime that will be overseen by the national regulators in the eight member countries of the
ECCU.
Quoting the DRAFT of a New BILL
Yes! there are many people in various Caribbean States that own 10s of thousands of $U.S worth of Bitcoin, Ethereum and other virtual assets. And, that classification as a ‘virtual-asset’ and not a ‘Virtual-Currency’ is very important and intricate.
In a clear sign-of-the-times, a tiny island that is part of St. Vincent and the Grenadines ‘Bequia Island‘ is a favorite hide-away for many celebrities and speak-easy operatives, the island is being referred to as Bitcoin-Island ( The independent: May 2021 article. )
New legislation such as these new virtual-asset-laws, typically originate out of inappropriate, or unfair, or fraudulent, or criminal type activity in that business space.
The very concept of a virtual-asset needs to have a clear and unambiguous explanation, so that everyone can understand what that actually means.
In the case of Dominica, the Planning and Economic Development Minister, Dr. Vince Henderson, explains or defines it this way. . .
“A virtual asset is a digital representation of value that can be traded or transferred digitally. Virtual assets can be used for making payments or investments,”
“He said this law will ensure vigilant monitoring of this new rapidly developing and potentially disruptive financial instrument. Henderson said the Virtual Asset Business Bill has been drafted with the assistance of the Eastern Caribbean Central Bank (ECCB).”
The EECB is the central Bank for OECS Members and the governing body for the EC Dollar, Eastern Caribbean, currently valued at $0.37cents US).
The combined population of all OECS countries, including associate members is approximately 1,000,000 residence.
Those Island states are attracting a growing list of wealthy investors that are also the holders of millions in crypto currencies.
The Difference Between Digital Currency & Virtual Assets
1.) Digital Currency is a representation of actual paper money in an account.
2.) A Virtual Assets has a value recognized by a virtual community or individuals.
Jamaica’s New Digital Currency ‘JAM-DEX’
Examples are probably the best way of explaining something:
In this example a wholesaler in Jamaica wants to buy 3,000lbs. of the new powered-milk from Western Dairies in Belize, using the new JAM-DEX Digital currency.
and if Western Dairies has a JAM-DEX Account with Jamaica’s central Bank the payment could be done instantly by smartphone. At no cost to either parties.
But you would still need to transfer the money from Jamaica to Belize. So, the convenience of a JAM-DEX account would only facilitate other payment concerns by both parties.
To encourage its citizens to open a new JAM-DEX account with the Jamaican Central Bank, the government of Jamaica has been giving the first 100,000 new accounts $2,500,00 Jamaican dollars. (US $16) free.
Written & Compiled by: channel1Belize.com / digitalBelize,LIVE Staff writer – Monday, June 6th. 2022 – channel1belize@gmail.com